To maintain and build a successful business, it is a must to have a good strategy. And to have good strategy in place, one needs great professionals, like the best lawyers, the best chartered accountants and tax consultants. These professionals will guide you to run your business smoothly and also help you with laws of the land, laws regarding your business, legal and tax compliance, as well as handing contractual and day to day issues. A Chartered Accountant is required to maintain bills, filing taxes and reviewing every minute detail of finance and give advise to increase the turnover and while good business lawyers or a business law firm is a key element for maintaining the name, goodwill and dignity that a company holds and ensure that the intellectual property rights as well as business is safeguarded.
A good business law firm or business lawyer takes care of every compliance, all the copyrights and trademark, advice to formal business incorporation etc.
Also Read: What is proprietorship and how it is different from private limited company
Let’s talk about the general rules applicable to lawyers:
- It is advised to hire a lawyer from the initial period of business before it is been too late to do so. It is recommended to take precautions and invest in a good lawyer for the business. Remember prevention is always better than cure.
There are many different law firms’ big firms or small firms’, they are very different from each other. Lawyers are specialized and known how to read between the lines and understand tricks and tips to handle many issues which a small firms’ or private practitioners may lack. As an independent lawyer, it is difficult for them to file patents or trademarks, negotiate your lease of office or retail space, overseas annual meetings, etc as you don’t want a jack of all trades, so it’s better for you to refer to a group of lawyers who run a law Firm with experienced lawyers.
There are different types of attorneys. Professional lawyers specialize in one particular stream of law and some are interested in handling government work and essentially advice only government issues, government related work or even government employees. Some Lawyers work on the commercial matters, some work for social welfare.
Contractual: lawyers need to be dynamic, attentive and shall understand the business very quickly. Lawyers should be able to prepare contract, conveyance deeds as well as forms which shall be presented before customers, clients and suppliers.
Real estate:commercial spaces are mostly on the lease; their grounds are highly complicated and end up benefiting the landlords. Lawyers could be able to get into any legal and business talks in order to protect their clients form incurring heavy losses.
- Business organization: Lawyers shall have knowledge of their field and shall be able to suggest their clientsnner in order to help them flourish their business.
Tax: Tax is one of the major elements of any business and a lawyer is expected to handle its complexities as it is considered to be the backbone of any business. Lawyer shall be able assist the accountant with the details related to the registrations, tax identification number, understanding basic business transactions in which your business is engaged and creating safeguard and making it within the framework of law.